Health Savings Accounts
A Great Solution to Healthcare Changes.
If you’re like most people, you’ve seen many changes when it comes to your health insurance plan. More and more employers are reevaluating the types of plans they offer to their employees, and it’s expected that a good number will switch to High Deductible Health Plans (HDHP) with Health Savings Accounts (HSA)* in the future, if they haven’t already.
There are many benefits to a Health Savings Account that allow you to save money for health care expenses. First, the contributions you make to it are tax-deductible** and you can withdraw the money tax-free, whenever you need it, to pay for eligible medical expenses. Second, whatever money you don’t spend from your account in a given year rolls over to the next year, so your account continues to grow. And finally, the money in your Health Savings Account is yours to keep, even if you leave the health care plan.
If your employer offers this option to your insurance plan, INOVA can set up your Health Savings Account. You can make deposits into your account through payroll deduction, direct deposit, automatic transfer, mail or cash. And withdrawals can be made for qualified health care expenses by writing checks or using a debit card especially designed for this account.
If you’d like more information on opening a Health Savings account, contact one of our helpful member service agents.
* If you are a qualified member of a High Deductible Health Plan, you may be eligible to open a Health Savings Account.
** Refer to the Internal Revenue Service (IRS) for eligibility requirements and/or penalties imposed by the IRS or contact your tax advisor for additional information.